Report sales tax separately if gross income includes sales tax?
If my gross business income includes the sales tax in the sales amounts, do I need to extract that sales tax and note it somewhere else on the Schedule C???
Report sales tax separately if gross income includes sales tax?
Yes, if the sales tax is included in your Gross Income, you can just list the actual amount of sales tax as a business expense. You can include the amount in the "Taxes and Licenses" category (see screenshot below).
Report sales tax separately if gross income includes sales tax?
Yes, if the sales tax is included in your Gross Income, you can just list the actual amount of sales tax as a business expense. You can include the amount in the "Taxes and Licenses" category (see screenshot below).
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